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China's economy may be the first to recover from the global recession as a 4 trillion yuan (US$586 billion) stimulus package takes effect, a senior government researcher said.
"China has the ability to become the first in the world to step out of the crisis and keep stable growth for the mid- and long- term,"said Zhang Yutai, director of the Development Research Center of the State Council, said at the China Development Forum in Beijing Sunday.
The stimulus plan, which runs through 2010 and includes spending on roads, railways and houses, may add as much as 1.9 percentage points to this year's expansion, Zhang said. Vice Premier Li Keqiang reaffirmed the government's goal of 8 percent growth, saying some industries "have seen signs of recovery."
Zhang's comments echoed a state media report last month that quoted Premier Wen Jiabao as saying that China was likely to be the first major economy to recover.
Chinese lending and spending have surged as the stimulus package kicks in. Urban fixed-asset investment rose 26.5 percent in the first two months of 2009 and bank loans quadrupled in February, according to official statistics.
Premier Wen said on March 13 that China has "adequate ammunition"to revive the economy and can come out with an additional stimulus package at any time.
By People's Daily Online |
